Sainsbury's Bank has reduced the cost of borrowing £1,000 to £7,499 by up to 6.0% APR, catapulting its personal loan to the very top of the Moneyfacts charts.
A Standard Nectar Cardholder Loan of £1,000 to £2,999 now has an APR of 12.4% for a term of one to three years and 12.5% APR for terms of four to five years after receiving the maximum reduction. Meanwhile, loans of £3,000 to £4,999 now come with a rate of 7.4% APR for terms of one to three years (7.5% APR for terms of four to five years), while a loan of £5,000 to £7,499 has a rate of 4.4% over a term of one to three years and 4.5% APR for terms of four to give years.
Example monthly repayments: £5,000 over three years = £148.32.
Applicants must be Nectar cardholders aged 18 and over with an annual income of at least £7,500. Borrowers can benefit from a Price Promise Guarantee, which offers to beat any "like for like" deal.
Borrowers must remember that the rate is dependent upon their chosen loan size and term as well as their credit history. A Non Nectar Loan for non-cardholders paying similar rates is also available.
The rate cuts to personal loans of £1,000 to £7,499 have ensured that they are the market-leaders in their sector. The additional benefits of the Price Promise Guarantee will also appeal to borrowers, who are likely to welcome such a highly competitive deal. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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